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hi I need help answering the following questions Presented below is a partial trtal balance for the Messenger Corporation at December 31, 2021 Credits Debits
hi I need help answering the following questions
Presented below is a partial trtal balance for the Messenger Corporation at December 31, 2021 Credits Debits 40,000 215,000 46.000 170, eeo 5,000 8,000 49,800 150,000 1,600,000 790,000 Account Title Cash and cash equivalents Accounts receivable Raw materials inventory Notes receivable Interest receivable Interest payable Investments Land Buildings Accumulated depreciation-buildings Work in process inventory Finished goods inventory Equipment Accumulated depreciation equipment Franchise (net of amortization) Prepaid insurance (for the next year) Deferred revenue Accounts payable Notes payable Salaries payable Allowance for uncollectible accounts Sales revenue Cost of goods sold Salaries expense 48,000 99,000 450,000 280,000 1,400,000 70,000 66,000 340,000 600,000 3,000 34.000 3,580,000 550,00 58,000 Additional information: 1. The notes receivable, along with any accrued Interest, are due on November 1, 2022. 2. The notes payable are due in 2026. Interest is payable annually 3. The investments consist of equity securities of other corporations Management does not intend to sell any of the securities in the next year. 4. Deferred revenue will be recognized equally over the next 18 months. Required: Determine the company's working capital at December 31, 2021 (Do not round your Intermediate calculations.) Working capital Alpaca Corporation had revenues of $230,000 in its first year of operations. The company has not collected on $18,800 of its sales and sul owes $25,000 on $90,000 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $11,000 in salanes. Owners invested $28,000 in the business and $28,000 was borrowed on a five year note. The company paid $4100 in Interest that was the amount owed for the year, and paid $5,600 for a two-year Insurance policy on the first day of business Alpaca has an effective income tax rate of 30% Compute net income for the first year for Alpaca Corporation Multiple Choice $122.100 585,470 $140,000 $94.510 G During its 2021 fiscal year, Jacobsen Corporation reported before-tax Income of $630,000. This amount does not include the following two items, both of which are considered to be material in amount Unusual gain Loss on discontinued operations $210,000 (310,000) The company's income tax rate is 25% Jacobsen Corporation prepares its financial statements applying U.S. GAAP. In its 2021 Income statement, Jacobsen would report Income from continuing operations of Multiple Choice 5630,000 0 5402.000 $472.500 5630,000 Step by Step Solution
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